Toyota and Uber Reach Investment, Lease Partnership
25 May 2016 - 7:20AM
Dow Jones News
Toyota Motor Corp. and Uber Technologies Inc. have reached a
partnership agreement under which the Japanese auto maker will make
an investment in the car-hailing company and offer its drivers auto
leases.
The move is the latest tie-up between auto makers and
ride-hailing companies, and Toyota said Tuesday that it highlights
the growing role of ride-sharing in "shaping the future of
mobility."
Under the agreement, which includes an undisclosed investment
through Toyota's partnership with Mitsui Banking Corp., Toyota and
Uber plan to create leasing options that would allow consumers to
lease vehicles from Toyota Financial Services and cover the
payments from their earnings as Uber drivers.
The companies also intend to look into developing in-car apps
and setting up a program to sell Toyota and Lexus vehicles to
Uber.
Apple Inc. this month disclosed a $1 billion investment in Didi
Chuxing Technology Co., China's competitor to Uber, while
Volkswagen AG on Tuesday disclosed a $300 million investment in
Gett, a Tel Aviv-based startup.
Toyota's shares, down 27% over the past 12 months, ended Tuesday
up $1.09 at $100.64.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 24, 2016 17:05 ET (21:05 GMT)
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